I attended the Northern Virginia Association of REALTORS' 10th Annual Economic Summit command at George Mason University. This Summit is ever an first-class chance to larn from system experts about their outlook on valid holding and a wrap-up of the twelvemonth to mean solar day. The data bestowed on Thursday was impressively reformative in conception our up-to-the-minute sincere belongings flea market in Northern Virginia. In insert to economics of the inhabited market, the otherwise foremost theme at the Summit was transfer issues in Northern Virginia.
The talker that all and sundry keeps approaching posterior to comprehend is Dr. Stephen Fuller, Director of the Center for Regional Analysis at George Mason University. Dr. Fuller is regarded as THE EXPERT on historical belongings economic science and investigation in Northern Virginia and is widely quoted by the media.
In brief, Dr. Fuller made the successive observations and predictions:
Demand for homes in Northern Virginia is frozen exceedingly imposing (including substantially repressed necessity from
buyers who were ready and waiting for the souk to put on ice)
35,000 jobs incoming in Northern Virginia in 2006
Can't thump housing as an property completed drawn out term
Northern Virginia housing market static outperforming utmost of the country
Metro-D.C. span - 74K jobs in 2006
We have the lowest state charge in the country
More need for structure in Northern Virginia than in Suburban Maryland
Metro-D.C. state is a markedly prosperous realm - 7 of top 10 counties per capita financial gain in country
Over time, structure prices know middle of 7.2%/year - Housing prices lookalike every 10 old age on average
Demand will toughen by Spring 2007
Next 18 months - prices grow quickly by 4-7%
Sales amount trailing to 2002-2003 levels, but frozen amazingly postgraduate (just not as last as register 2004 and 2005)
Average life on souk just about 90 days
Fundamentals of Northern Virginia system nonmoving strong and have not changed.